Dave King. Picture: BONILE BAM
Dave King. Picture: BONILE BAM

THE South African Revenue Service (SARS) has obtained a second provisional preservation order against businessman Dave King for all the South African assets owned by him, his wife and three children, to prevent further dissipation of assets.

The North Gauteng High Court granted the order last week whereby all the shareholding and loan accounts in businesses associated with Mr King, including Talacar Holdings, Gauis Atticus, and Quoin Rock Winery and Estate, that may be held by his wife and three children, be transferred to the court-appointed curator of the assets, according to Louis Strydom of PwC.

SARS obtained the order after it became known in December last year, during a mediation application against the November provisional preservation order, that a shareholding in Talacar had been transferred to Mr King’s family in conflict with a court order obtained by SARS in 2010. SARS had obtained the provisional order in November last year as part of various steps to secure payment against tax debt owed to it by Mr King through various trusts and companies.

Mr King has been embroiled in legal battles with the tax authority for more than a decade for tax debt amounting to R2.7bn, which Mr King has been challenging.

He said on Friday he would oppose both the provisional preservation orders next month.

"We have been arguing that the order (in November) is deficient and we have been arguing that the curator had not been appointed properly. SARS had been back to court and received an order saying that I had to comply with the order," Mr King said.

He also said there were technical aspects in the November order that were deficient and he therefore had not complied with the order.

He said he would appeal against both the November order and the order obtained last week. The "real fight" would be on March 19 and 20, Mr King said.

That is the return date for both provisional preservation orders, when Mr King will be entitled to set out his case.

Cloete Murray, a director at Sechaba Trust, had been appointed as curator in November last year.

According to papers filed at the North Gauteng High Court last Tuesday, Mr Murray will bring an urgent application against Mr King for being in contempt of the provisional preservation order granted by the court in November.

According to that court order the assets vested in Mr Murray included Mr King’s family home in Johannesburg and its contents, his beach house in Plettenberg Bay, and a Fancourt property.

Mr Murray had been back to court last month asking for an order to have the Plettenberg Bay property restored to him after Mr King and his family spent time over the festive season at the property.

Mr King opposed the spoliation application, but the court granted Mr Cloete the order last week and interdicted Mr King from interfering in any manner with the provisional preservation order granted in November last year.

Mr King was also ordered not to interfere in any manner with mandates given by Mr Cloete to any agent to market and sell any property in terms of the order. Mr King vowed to appeal against the order.